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Revenues
 6 Months Ended
Apr. 02, 2022
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer Revenues
The following table presents our revenues by segment and major source:
Quarter Ended April 2, 2022Quarter Ended April 3, 2021
DMEDDPEPContent License Early TerminationTotalDMEDDPEPTotal
Affiliate fees$4,602$— $— $4,602 $4,594 $— $4,594 
Advertising3,0231 — 3,024 2,582 1 2,583 
Subscription fees3,887— — 3,887 3,000 — 3,000 
Theme park admissions—1,973 — 1,973 — 597 597 
Resort and vacations—1,451 — 1,451 — 513 513 
Retail and wholesale sales of merchandise, food and beverage—1,816    —    1,816    —    911 911 
TV/SVOD distribution licensing1,124— (1,023)101 1,624 —    1,624    
Theatrical distribution licensing224— — 224 109 — 109 
Merchandise licensing—893 — 893 5 791 796 
Home entertainment230— — 230 219 — 219 
Other530518 — 1,048 307 360 667 
$13,620$6,652 $(1,023)$19,249 $12,440 $3,173 $15,613 
Six Months Ended April 2, 2022Six Months Ended April 3, 2021
DMEDDPEPContent License Early TerminationTotalDMEDDPEPTotal
Affiliate fees$8,973$— $— $8,973 $8,996 $— $8,996 
Advertising6,8912 — 6,893 6,345 2 6,347 
Subscription fees7,485— — 7,485 5,546 — 5,546 
Theme park admissions—4,125—4,125 — 1,146 1,146 
Resort and vacations—2,896—2,896 — 946 946 
Retail and wholesale sales of merchandise, food and beverage—3,905—3,905 —    2,074 2,074 
TV/SVOD distribution licensing2,520—(1,023)1,497 2,793 —    2,793    
Theatrical distribution licensing753——753 140 — 140 
Merchandise licensing—2,012— 2,012 10 1,881 1,891 
Home entertainment524— — 524 519 — 519 
Other1,059946— 2,005 752 712 1,464 
$28,205$13,886$(1,023)$41,068 $25,101 $6,761 $31,862 
The following table presents our revenues by segment and primary geographical markets:
Quarter Ended April 2, 2022Quarter Ended April 3, 2021
DMEDDPEPTotalDMEDDPEPTotal
Americas$11,191 $5,559 $16,750 $10,293 $2,414 $12,707 
Europe1,343    627    1,970    1,219    267    1,486    
Asia Pacific1,086 466 1,552 928 492 1,420 
Total revenues$13,620 $6,652 $20,272 $12,440 $3,173 $15,613 
Content License Early Termination(1,023)
$19,249 
Six Months Ended April 2, 2022Six Months Ended April 3, 2021
DMEDDPEPTotalDMEDDPEPTotal
Americas$23,021 $11,270 $34,291 $20,584 $4,870 $25,454 
Europe2,881    1,492    4,373    2,512    754    3,266    
Asia Pacific2,303 1,124 3,427 2,005 1,137 3,142 
Total revenues$28,205 $13,886 $42,091 $25,101 $6,761 $31,862 
Content License Early Termination(1,023)
$41,068 
Revenues recognized in the current and prior-year periods from performance obligations satisfied (or partially satisfied) in previous reporting periods primarily relate to revenues earned on TV/SVOD licenses for titles made available to the licensee in previous reporting periods. For the quarter ended April 2, 2022, $0.4 billion was recognized related to performance obligations satisfied as of January 1, 2022. For the six months ended April 2, 2022, $0.7 billion was recognized related to performance obligations satisfied as of October 2, 2021. For the quarter ended April 3, 2021, $0.4 billion was recognized related to performance obligations satisfied as of January 2, 2021. For the six months ended April 3, 2021, $0.7 billion was related to performance obligations satisfied as of October 3, 2020.
As of April 2, 2022, revenue for unsatisfied performance obligations expected to be recognized in the future is $11 billion, primarily for content and other IP to be made available in the future under existing agreements with television station affiliates, merchandise licensees and DTC subscribers. Of this amount, we expect to recognize approximately $3 billion in the remainder of fiscal 2022, $4 billion in fiscal 2023, $2 billion in fiscal 2024 and $2 billion thereafter. These amounts include only fixed consideration or minimum guarantees and do not include amounts related to (i) contracts with an original expected term of one year or less (such as most advertising contracts) or (ii) licenses of IP that are solely based on the sales of the licensee.
When the timing of the Company’s revenue recognition is different from the timing of customer payments, the Company recognizes either a contract asset (customer payment is subsequent to revenue recognition and subject to the Company satisfying additional performance obligations) or deferred revenue (customer payment precedes the Company satisfying the performance obligations). Consideration due under contracts with payment in arrears is recognized as accounts receivable. Deferred revenues are recognized as (or when) the Company performs under the contract.
Contract assets, accounts receivable and deferred revenues from contracts with customers are as follows:
April 2,
2022		October 2,
2021
Contract assets$58 $155 
Accounts receivable
Current11,629   11,190   
Non-current1,331 1,359 
Allowance for credit losses(195)(194)
Deferred revenues
Current4,257 4,067 
Non-current460 581 
Contract assets primarily relate to certain multi-season TV/SVOD licensing contracts. Activity for the current and prior-year quarters related to contract assets was not material.
For the quarter and six months ended April 2, 2022, the Company recognized revenue of $0.9 billion and $2.8 billion, respectively, primarily related to DTC subscriptions, TV/SVOD licenses and advances from merchandise licensees included in the deferred revenue balance at October 2, 2021. For the quarter and six months ended April 3, 2021, the Company recognized revenue of $0.6 billion and $2.1 billion, respectively, primarily related to DTC subscriptions, advances from merchandise licensees and TV/SVOD licenses included in the deferred revenue balance at October 3, 2020.
We evaluate our allowance for credit losses and estimate collectability of current and non-current accounts receivable based on historical bad debt experience, our assessment of the financial condition of individual companies with which we do business, current market conditions, and reasonable and supportable forecasts of future economic conditions. In times of economic turmoil, our estimates and judgments with respect to the collectability of our receivables are subject to greater uncertainty than in more stable periods.
The Company has accounts receivable with original maturities greater than one year related to the sale of film and television program rights and vacation club properties. These receivables are discounted to present value at contract inception and the related revenues are recognized at the discounted amount.
The balance of TV/SVOD licensing receivables recorded in other non-current assets, net of an allowance for credit losses that is not material, was $0.7 billion and $0.8 billion at April 2, 2022 and October 2, 2021, respectively. The activity in the allowance for credit losses for the quarter ended April 2, 2022 was not material.
The balance of vacation club receivables recorded in other non-current assets, net of an allowance for credit losses that is not material, was $0.6 billion at both April 2, 2022 and October 2, 2021. The activity in the allowance for credit losses for the quarter ended April 2, 2022 was not material.